As regulator Securities and Exchange Board of India (SEBI) continues its clampdown on ponzi schemes, it has found Odisha to be a major hotbed for such illegal fund-raising activities with investors being duped in name of jatropha bushes and gold investments.
While several political and financial uncertainties -- such as high inflation and oil price, Richard Nixon`s action to detach the US dollar from gold and Soviet intervention in Afghanistan -- led to the rally in gold to USD 835 in 1980.
Record gold prices may be heading for a correction of about 8 percent next month, but the safe-haven metal may also rally to USD 2,400 an ounce next year as investors seek refuge amid global economic turmoil.
Gold, and only gold, will be our salvation when the value of companies, banks, countries and even money itself melts away. Gold, not shifting currencies, is the foundation of wealth and security. Gold is back, for good.